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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Industries Ltd    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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India's Future Retail says examining order against Reliance deal

10/26/2020 | 04:43am EST
FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru

BENGALURU (Reuters) - Future Retail said on Monday it was examining an order by an arbitration panel to put on hold its $3.38 billion asset sale to Reliance Industries, and would take steps in enforcement proceedings to close the deal without delay.

Shares in Future Retail were down 3.2% by 0630 GMT, while Reliance's stock fell 2.4%, weighing on the broader Mumbai market.

Amazon.com Inc received an emergency order from a Singapore arbitration panel to halt the two Indian companies from proceeding with the deal until an arbitration tribunal is formed, a source with direct knowledge of the matter told Reuters.

Amazon, which has alleged the deal breached existing agreements, last year bought a 49% stake in Future Coupons Ltd, which owns a 7.3% stake in Future Retail.

The investment came with contractual rights that include a right of first refusal and a non-compete-like pact, media had reported, and Amazon later started arbitration proceedings.

In a statement to Indian stock exchanges on Monday, Future Retail said it was not party to the agreement under which Amazon had invoked arbitration proceedings.

All relevant agreements were governed by Indian law and the matter "raises several fundamental jurisdictional issues," Future said.

Billionaire Mukesh Ambani's Reliance in August decided to buy retail, wholesale and some other businesses of Future Group in a deal valued at $3.38 billion, including debt.

Reliance Retail intends to complete the deal with Future Group without any delay, it said in a statement on Sunday. "The rights and obligations (under the deal) are fully enforceable under Indian Law," Reliance Retail added.

Two sources familiar with the matter said the temporary injunction was not automatically enforceable in India and that the order would have to be ratified by an Indian court.

In a statement, Amazon said: "We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process."

(Reporting by Aditya Kalra and Euan Rocha; Writing by Ann Maria Shibu in Bengaluru; Additional reporting by Sachin Ravikumar and Vishal Vivek in Bengaluru; Editing by Nick Macfie, Peter Cooney and Sriraj Kalluvila)


© Reuters 2020
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Financials
Sales 2021 5 246 B 70 946 M 70 946 M
Net income 2021 442 B 5 979 M 5 979 M
Net Debt 2021 940 B 12 711 M 12 711 M
P/E ratio 2021 29,0x
Yield 2021 0,34%
Capitalization 12 253 B 166 B 166 B
EV / Sales 2021 2,51x
EV / Sales 2022 1,84x
Nbr of Employees 195 618
Free-Float 50,4%
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Number of Analysts 27
Average target price 2 196,44 INR
Last Close Price 1 929,80 INR
Spread / Highest target 29,5%
Spread / Average Target 13,8%
Spread / Lowest Target -31,6%
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NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
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